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The Securities and Exchange Commission should not delay Dodd-Frank Act rule making designed to protect retail customers from risks relating to trading off-exchange foreign-currency contracts, SEC member Luis Aguilar says. "It is simply not acceptable for the commission to continue to delay the fact-finding and decision-making process," Aguilar said. "Though retail forex transactions may provide benefits, they can pose great risks to investors." The SEC has postponed finalizing the forex related rules until 2016.

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Before entering guilty pleas to criminal charges related to foreign exchange rates, banks are asking for assurances from U.S. regulators that they won't be barred from some activities, sources said. Grants of such waivers were once common but have become controversial recently, particularly at the Securities and Exchange Commission.

The Securities and Exchange Commission should not delay Dodd-Frank Act rule making designed to protect retail customers from risk related to trading off-exchange foreign-currency contracts, SEC member Luis Aguilar says. "It is simply not acceptable for the commission to continue to delay the fact-finding and decision-making process," Aguilar said. "Though retail forex transactions may provide benefits, they can pose great risks to investors." The SEC has postponed finalizing such forex rules until 2016.

The European Commission is considering a revamp of the Markets in Financial Instruments Directive, but industry insiders are concerned about how the rules would apply to foreign exchange. Forex dealers are concerned that unique aspects of the market would be overlooked, because MiFID proposals do not provide the clarity they seek on the definition of organised trading facilities. AFME CEO Simon Lewis called for clarity regarding the OTF definition and what can and cannot be done in regard to market making and trading.

South Korea is planning to charge banks a toll on their foreign exchange borrowings. The country is also looking into tougher derivatives rules to avoid sudden outflow of capital. The Bank of Korea, the Financial Supervisory Service and the Ministry of Strategy and Finance said the levy will be imposed on foreign-currency liabilities of domestic as well as foreign banks. "The Korean government, which has reinforced macroprudential measures to reduce capital-flow volatility within the framework of an open and liberalized economy, now decided to introduce the levy," the entities said.

South Korea is planning to charge banks a toll on their foreign exchange borrowings. The country is also looking into tougher derivatives rules to avoid sudden outflows of capital. The Bank of Korea, the Financial Supervisory Service and the Ministry of Strategy and Finance said the levy will be imposed on foreign-currency liabilities of domestic as well as foreign banks. "The Korean government, which has reinforced macroprudential measures to reduce capital-flow volatility within the framework of an open and liberalised economy, now decided to introduce the levy," the entities said.